Do repost and rate:
Its a great move long term and I am pretty glad about it.
Easier to build value in one coin than two.
— Shash (@shashxxx) August 3, 2020
All in all, it seems to be a great long term move. According to Altcoin Buzz CEO and Co-founder, it is always easier to build value in a single coin.
A win-win situation?
The MCO swap program announcement led to rage in the CRYPTO.COM community. Users are complaining about the app running slow, chances of losing current card status, and several other issues. It seems the Crypto.com community is getting anxious about losing their existing MCO staking benefits. But that’s not the case.
Two very important points that need to be noted are:
Once you swap the MCO for CRO, you earn a bonus on the Crypto.com exchange and App. On the exchange, you receive 20% APR on CRO while on App you receive 18% APR on staked CRO.
Users who perform the MCO/CRO swap prior to 2 Sep 2020 will receive this early swap bonus. This will be equivalent to “20% of the amount swapped at the MCO to CRO Swap Rate.” This bonus amount will be distributed on Crypto.com Exchange. Furthermore, it will be staked for 6 months.
- The current MCO stake will be converted at the MCO Swap rate and the existing staking benefits will remain unchanged.
Where have you held the MCO?
According to the official FAQ’s, the MCO Swap program covers MCO held in following products
- MCO Wallet
- MCO Stake
- Crypto Earn
- Crypto Credit
MCO Visa Card MCO staking
The MCO Swap will implement following CRO staking scheme
Source: Crypto.com
Importantly, the MCO swap process is non-reversible. Also, if a user’s MCO swap attracts any transaction fees on the Ethereum network, he is responsible for paying the same.
MCO support during the MCO Swap Program
The MCO Swap program will be active from 3 Aug 2020 at 6:00 UTC to 2 Nov 2020 at 23:59 UTC. During this period, MCO owners can enjoy following utility and functionality:
- Your MCO stake will enjoy all the existing benefits during the above duration.
- You can continue sending MCO to other Crypto.com App users.
- MCO withdrawals and deposits to/from both Crypto.com Exchange addresses and external addresses will be supported.
- If you do not swap your MCO stake before 2 November, you will continue to receive the rewards in MCO.
- The Crypto.com App sign-up bonuses will all be paid in CRO.
It is advised that you stay alert and do not fall victim to any scams by Crypto.com impostors. The MCO Swap Program can be executed only via the Crypto.com App.
